Commercial insurance in Albuquerque, starting with your business

Photo: Albuquerque skyline by Quintin Soloviev, CC BY 4.0. Sized for this page.

Tell us what you are working on

You might have a lender asking for proof of insurance while you are still sorting out the purchase, or a landlord who needs a certificate before you can get the keys. Start by telling us about your business and the date you are working toward. We can walk through the requirements with you and explain what we need to compare your options.

BIG maintains its Edina, Minnesota location and serves businesses in Minnesota and New Mexico. You can reach our team at (612) 712-6407.

Do you own the building or lease your space?

If you own the building, we will ask about its construction, roof, tenants and any work you have planned. We also need to know whether you operate your own business there, collect rent from others, or do both. Those details help us review the building coverage and the income you could lose after a covered loss.

If you lease your space, bring the lease and a list of the equipment, inventory and improvements you own. The landlord's insurance does not automatically cover your business property. We can help you compare the insurance requirements in the lease with the coverage being proposed.

Property is only part of the conversation. Tell us about your employees, customers, vehicles and the work you do so we can discuss the other business coverages that apply. You can also read about general liability and workers compensation.

What should you compare before choosing a policy?

It is easy to look at two premiums and assume the lower one is the better deal. Before you decide, we will help you compare the building limit, how a loss would be valued, the deductibles and the exclusions. If you depend on rental income, ask how the proposed coverage responds when a covered loss keeps a tenant out of the building.

Your purchase price and loan balance do not tell us what it would cost to rebuild. Our building-values worksheet helps you gather the property information for that discussion.

Start with the Albuquerque address

For a property in Albuquerque, the city's free address report includes zoning and flood-zone information. Bring that report to the conversation along with any inspection or roof records you have. The report helps describe the property; it does not decide what an insurance policy covers.

Outside the city, check with the authority responsible for that address. If a move, renovation or new tenant is part of the plan, tell us before the change so we can review the coverage through each stage.

What do you need for the first call?

You do not have to finish an application before asking a question. Have the business name, property address and your deadline handy. If you already have insurance, send the current policy and renewal date. For a purchase or lease, include the lender's or landlord's insurance requirements.

Buying a building? Our New Mexico closing guide walks through what to gather. If you have a tenant moving in or out, start with the New Mexico tenant-change guide.

Talk with BIG about your property

Call BIG at (612) 712-6407. Tell us what is changing and when you need coverage. If you would rather start online, request a commercial insurance review and we will follow up with you.